8. The following trial balance was extracted from the books of Sofia Enterprise as at 31 March 20X3. Debit RM Credit RM 180,000 120,000 16,000 240,000 100,000 340,000 Capital Motor vehicles Accumulated depreciation - motor vehicles Freehold premises Purchases Sales Inventory as at 1 April 20X2 7% loan from Affin Bank Investment Rent Trade accounts receivable Trade accounts payable Carriage inwards 68,000 30,000 13,400 3,120 15,900 7,200 20,800 General expenses 2,700 800 6,500 19,000 3,040 3,500 Bank Wages and salaries Rates and insurance Discount allowed Discount received Drawings Returns inwards Returns outwards Carriage outwards 4,700 800 2,400 1,260 800 599,960 599,960 FINANCIAL ACCOUNTING FOR NON-ACCOUNTING STUDENTS You are given the following information: (a) Inventory on 31 March 20X3 was RM26,000. (b) Prepaid rates and insurance was RM100. (c) Bad debt to be written off is RM150. (d) An allowance is to be made for depreciation for motor vehicles at the rate of 20% p.a. on carrying value. (e) During the year, the owner took goods worth RM800 out of the business inventory for his own use. 02 (f) Interest on loan for the year is still accrued. (g) An allowance for doubtful debts is to be adjusted to 2% of trade accounts receivable. You are required to prepare the statement of profit or loss for the year ended 31 March 20X3 and the statement of financial position as at that date